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Proper utilization of KP oil, gas reserves to boost economy of province, cater to energy requirement
Peshawar: The Khyber Pakhtunkhwa Province is rich in oil and gas reserves as according to experts it has the potentials to produce one billion barrel oil and four trillion cubic feet gas, which on utilization properly will not only boost the economy of the province substantially but also cater to the energy requirements as well as bring progress and prosperity for the masses.
This was told during a meeting of the cabinet committee formed for the establishment of a public limited company for oil and gas exploration and production in the province at Civil Secretariat Peshawar. The meeting, which was chaired by Senior Minister for P& D and Energy & Power Rahim Dad Khan and attended by Minister for Health Syed Zahir Ali Shah, Minister for Higher Education Qazi Asad, Secretary Energy & Power Syed Suhail Altaf, Secretary Finance Sahibzada Saeed and consultant Razi-ud-Din on special invitation, was further told that despite the presence of immense oil and gas reserves in the province no concrete measures were taken in the past to tap them fully that resulted in affecting the pace of development in the province. After the passage of 18th amendment, it was told, besides numerous other departments the oil and gas sector too was being transferred to the provinces that required a mechanism to get maximum benefits out of the available resources of oil and gas in the Khyber Pakhtunkhwa Province.
The meeting was further informed that success ratio of the drills for finding oil and gas in Pakistan was 1:4 while that ratio on the international level was 1:9. It is expected that this success ratio in the Khyber Pakhtunkhwa will be much better than the rest of the country due to its richness in oil and gas reserves. Foreign companies can better be swayed to invest in this sector if law and order situation are improved in the province.
The meeting decided that next meeting of the committee would be convened after Eid-ul-Azha to proceed further in establishing a public limited company for oil and gas exploration in the Khyber Pakhtunkhwa and asked the consultant to prepare organogram vis-à-vis the head office of the envisaged company, the required staff and their jobs description as well as comparative study of the rental, used and purchased drilling rigs and submit the same during the next meeting of the committee. Addressing the meeting, the Senior Minister Rahim Dad Khan said that Khyber Pakhtunkhwa was affluent in natural resources including oil and gas reserves and all possible measures would be taken to tap them fully for socio-economic uplift of the people of the province. He said the establishment of a public limited company was indispensable in this regard, which would comprise professional and experienced manpower who would work in interference-free environment to give best results
http://www.onlinenews.com.pk/details.php?id=170745
Peshawar: The Khyber Pakhtunkhwa Province is rich in oil and gas reserves as according to experts it has the potentials to produce one billion barrel oil and four trillion cubic feet gas, which on utilization properly will not only boost the economy of the province substantially but also cater to the energy requirements as well as bring progress and prosperity for the masses.
This was told during a meeting of the cabinet committee formed for the establishment of a public limited company for oil and gas exploration and production in the province at Civil Secretariat Peshawar. The meeting, which was chaired by Senior Minister for P& D and Energy & Power Rahim Dad Khan and attended by Minister for Health Syed Zahir Ali Shah, Minister for Higher Education Qazi Asad, Secretary Energy & Power Syed Suhail Altaf, Secretary Finance Sahibzada Saeed and consultant Razi-ud-Din on special invitation, was further told that despite the presence of immense oil and gas reserves in the province no concrete measures were taken in the past to tap them fully that resulted in affecting the pace of development in the province. After the passage of 18th amendment, it was told, besides numerous other departments the oil and gas sector too was being transferred to the provinces that required a mechanism to get maximum benefits out of the available resources of oil and gas in the Khyber Pakhtunkhwa Province.
The meeting was further informed that success ratio of the drills for finding oil and gas in Pakistan was 1:4 while that ratio on the international level was 1:9. It is expected that this success ratio in the Khyber Pakhtunkhwa will be much better than the rest of the country due to its richness in oil and gas reserves. Foreign companies can better be swayed to invest in this sector if law and order situation are improved in the province.
The meeting decided that next meeting of the committee would be convened after Eid-ul-Azha to proceed further in establishing a public limited company for oil and gas exploration in the Khyber Pakhtunkhwa and asked the consultant to prepare organogram vis-à-vis the head office of the envisaged company, the required staff and their jobs description as well as comparative study of the rental, used and purchased drilling rigs and submit the same during the next meeting of the committee. Addressing the meeting, the Senior Minister Rahim Dad Khan said that Khyber Pakhtunkhwa was affluent in natural resources including oil and gas reserves and all possible measures would be taken to tap them fully for socio-economic uplift of the people of the province. He said the establishment of a public limited company was indispensable in this regard, which would comprise professional and experienced manpower who would work in interference-free environment to give best results
http://www.onlinenews.com.pk/details.php?id=170745
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